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研究生:林孟君
研究生(外文):Meng-Jyun Lin
論文名稱:股票流動性與公司價值之關聯性
論文名稱(外文):The relation between stock liquidity and firm value
指導教授:王麗惠王麗惠引用關係
指導教授(外文):Lie Huey Wang
學位類別:博士
校院名稱:銘傳大學
系所名稱:財務金融學系碩士班
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:中文
論文頁數:47
中文關鍵詞:投資人情緒資訊揭露公司治理股票流動性公司價值
外文關鍵詞:firm valuestock liquiditycorporate governanceinformation publicly disclosedinvestor sentiment
相關次數:
  • 被引用被引用:5
  • 點閱點閱:637
  • 評分評分:
  • 下載下載:2
  • 收藏至我的研究室書目清單書目收藏:2
過去對於股票流動性所作的研究多著重在股票流動性與股票報酬間之相關性,近年來股票流動性與公司績效及價值的相關性亦受到重視。因此,本研究以2005-2009年台灣證劵市場之上市公司為研究對象,以市價淨值比作為公司價值代理變數,股票週轉率及流動比率作為股票流動性代理變數,利用縱橫資料迴歸模型,探討股票流動性與公司價值之關聯性,並分析公司治理好壞、資訊揭露程度高低、以及投資人情緒高低,對股票流動性與公司價值關聯性之影響。實證結果發現,股票流動性與公司價值存在正向相關性,顯示股票流動性增加,可提昇交易效率並降低交易成本,因此公司價值上升;公司治理與公司價值存在正向相關性,支持過去文獻之實證發現,即公司治理佳,可提昇公司價值;資訊揭露程度與公司價值存在正向相關性,顯示資訊揭露程度為監理機制,使管理者選擇更有效的投資方案,公司價值提升。在以股票週轉率作為股票流動性之代理變數模型中,投資人情緒與公司價值存在負相關;但在以流動比率作為股票流動性之代理變數模型中,投資人情緒與公司價值存在正相關。最後,本研究亦發現,好的公司治理會強化股票流動性與公司價值之間的正相關性;資訊揭露程度較高會降低股票流動性與公司價值之間的正相關性;投資人情緒較高對股票流動率與公司價值之間的相關性無顯著影響。
In the past, the researches of stock liquidity emphasize that the relation between stock liquidity and stock returns. The researches about the relation between stock liquidity and firm value are also important. In this study, we use Taiwanese public traded companies as the research data during the 2005 to 2009.We use price to book value ratio to be proxy firm value, and use stock turnover and liquidity ratio to be proxy stock liquidity. This study relation between stock liquidity and firm value by using panel data regression model, and analyze the relation between stock liquidity and firm value on good and bad corporate governance, high and low information publicly disclosed, and, high and low investor sentiment. The result shows that, the relation between stock liquidity and firm value is positive. It means the raise of stock liquidity will make trade more efficient and reduce trade cost to raise firm value. The relation between corporate governance and firm value is positive, that supports past researches say good corporate governance can rise firm value. The relation between information publicly disclosed and firm value is positive. Because information publicly disclosed is a supervisal system that can make manager choose effective investment and rise firm value. The relation between investor sentiment and firm value is negative, when using stock turnover to be proxy stock liquidity. The relation between investor sentiment and firm value is positive, when using liquidity ratio to be proxy stock liquidity. In the end, this study shows good corporate governance will strengthen the positive relation between stock liquidity and firm value, high information publicly disclosed will reduce the positive relation between stock liquidity and firm value. High investor sentiment will not effect the relation between stock liquidity and firm value.
目錄
第一章 緒論.................................................................................................................1
第一節 研究背景與動機........................................................................................1
第二節 研究目的....................................................................................................3
第三節 研究架構....................................................................................................3
第二章 文獻探討............................................................................................................5
第一節 股票流動性之定義及衡量方法................................................................5
第二節 股票流動性與公司價值之關聯性............................................................7
第三節影響股票流動性與公司價值之重要因素..................................................8
第三章 研究方法..........................................................................................................11
第一節 樣本選取與資料來源..............................................................................11
第二節 研究變數..................................................................................................11
第三節 縱橫資料迴歸模型(panel data model)....................................................17
第四節 實證模型設計..........................................................................................19
第四章 實證結果分析..................................................................................................23
第一節 敘述性統計分析......................................................................................23
第二節 變數相關性分析......................................................................................24
第三節 縱橫資料迴歸分析結果..........................................................................27
第五章 結論..................................................................................................................33
參考文獻................................................................................................................35















圖目錄
圖1-1研究架構與流程………………………………………………………………….4

表目錄
表3-1變數操作性定義....................................................................................................17
表4-1實證變數之敘述統計值........................................................................................24
表4-2公司治理、資訊揭露程度、投資人情緒分群之平均數與t檢定.......................25
表4-3變數相關係數表....................................................................................................26
表4-4股票流動性、公司治理、資訊揭露程度、投資人情緒與公司價值關聯性……..29
表4-5公司治理、資訊揭露程度、投資人情緒差異對股票流動性與公司價值關聯性
之影響.............................................................................................................................32
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